It’s now official. The legislation to abolish gift duty from 1 October 2011 has been enacted. This means that there will be no gift duty payable for gifts made on or after 1 October 2011 and that gift statements will no longer be required to be filed with the IRD for gifts made on or after 1 October 2011.
The abolition of gift duty means that you can forgive any remaining amount under your existing gifting programme all at once. Any future property transferred to your trust can be acknowledged and gifted entirely on the same date.
Nothing is require it to be lodged with the IRD although legal evidence is still required to be kept in your trust file in the form of deeds of gift as always.
It is important to remember that even if you completely forgive your loan to your trust, any creditors may still have the ability to claw back the assets transferred through the following: To read the whole article and get the full story click on Gift Duty abolished Gift Duty Abolished